Top Glove Mulls Hong Kong Listing By

Top Glove Mulls Hong Kong Listing By

© Reuters.

By Gina Lee – Malaysia’s Top Glove Corp. (KL:), the biggest rubber glove maker globally, is reportedly considering a listing on the Hong Kong Stock Exchange that it hopes will raise more than $1 billion.

Top Glove’s Singapore shares (SI:) were up 1.39% to SGD2.910 ($2.15) by 12:37 AM ET (4:37 AM GMT). The company’s shares are also listed on the Kuala Lumpur Stock Exchange.

The company is reportedly consulting with advisors about the potential Hong Kong listing, which would be the biggest ever by a Malaysian company in Hong Kong, according to Bloomberg data.

The ongoing deliberations with its unspecified financial advisors over the listing mean that details, including its size, could increase depending on the feedback received, and could take anywhere from six to nine months, executive chairman Lim Wee Chai said during a September briefing.

Top Glove declined to comment ahead of any official announcements, and the company has yet to file an application for the listing.

The company reported a record net income of MYR1.29 billion ($311.49 million) in its fiscal fourth quarter as the COVID-19 increased expectations for “fresh highs” for the coming year, with the ongoing COVID-19 pandemic continuing to drive demand for medical protective gear.

The demand has seen Top Glove’s Malaysian shares soar more than 460% in 2020, managing to outperform even the country’s benchmark index. The index has fallen around 3.7% in 2020.

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